(Newser)
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DVD rental company NetFlix is teaming up with LG Electronics to make a set-top box that will let customers stream movies from the web straight onto their TVs, Reuters reports. NetFlix hopes to have the device ready later this year. The deal looks set to make the crowded web video market even more competitive.

"Internet to the TV is a huge opportunity," said Netflix head honcho Reed Hastings. "We believe streaming is the way to go." He said the deal with LG was the first of many similar partnerships for NetFlix. Analysts say NetFlix could have gained the edge in what may become a multi-billion-dollar market.